The
uncertainties surrounding the world economy and a
high fiscal deficit has pushed India to fourth place globally in terms of economic confidence of the people, a survey said.
As per the survey conducted by research firm Ipsos, India slipped one position to the fourth place in January.
The report said that India's economic confidence declined by three points to 65 per cent in January.
Saudi Arabia retained its top slot with economic confidence of 86 per cent, followed by Sweden at second position (72 per cent), Australia and Germany at third (70 per cent each) and India and Canada at fourth (65 per cent).
"The Indian economy is facing a series of interconnected crises as indicated by a sharp decline in economic growth due to tight monetary policy, falling domestic and foreign investment, a depreciating currency, large trade and current accounts deficits," Ipsos India MD Mick Gordon said.
"Moreover Eurozone crisis, slow global economic recovery and volatility of the international commodity prices, particularly fuel, has also further adversely affected the Indian economy, which reflects in the sentiments expressed by Indians in the poll," Gordon added.
The report, which examined citizens' assessment of the current state of their country's economy, said that the overall global average economic confidence increased by one point to 39 per cent in January.
The survey was conducted in December among 18,768 people including more than 1,000 Indian natives in 24 countries.
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